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SES-WT

SES AI Corporation WT

SES-WT

SES AI Corporation WT • NYSE
$0.30 ▲ 18.36% (+0.05)
Market Cap $814.51 M
52w High $0.30
52w Low $0.26
Dividend Yield 0%
P/E 0
Volume 933
Outstanding Shares 2.37B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $7.118M ▲ $22.285M ▼ $-20.92M ▲ -293.903% ▲ $-0.063 ▲ $-18.4M ▲
Q2-2025 $3.527M ▼ $25.607M ▼ $-22.651M ▼ -642.217% ▼ $-0.068 ▼ $-19.456M ▲
Q1-2025 $5.793M ▲ $27.83M ▼ $-12.432M ▲ -214.604% ▲ $-0.04 ▲ $-20.757M ▲
Q4-2024 $2.04M ▲ $31.173M ▼ $-34.545M ▼ -1.693K% ▼ $-0.11 ▼ $-26.718M ▲
Q3-2024 $0 $34.217M $-30.186M 0% $-0.094 $-31.99M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $214.01M ▼ $288.767M ▼ $60.566M ▲ $228.201M ▼
Q2-2025 $228.88M ▼ $290.46M ▼ $41.233M ▲ $249.227M ▼
Q1-2025 $239.762M ▼ $305.982M ▼ $36.127M ▼ $269.855M ▼
Q4-2024 $262.544M ▼ $329.785M ▼ $51.475M ▲ $278.31M ▼
Q3-2024 $273.719M $349.907M $40.623M $309.284M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-20.92M ▲ $-14.301M ▼ $39.483M ▲ $-1.665M ▼ $23.495M ▲ $-14.727M ▼
Q2-2025 $-22.651M ▼ $-11.434M ▲ $-34.859M ▲ $-359.288K ▼ $-44.295M ▲ $-12.27M ▲
Q1-2025 $-12.432M ▲ $-22.833M ▼ $-49.844M ▼ $8K ▼ $-72.745M ▼ $-23.749M ▼
Q4-2024 $-34.545M ▼ $-12.292M ▲ $74.038M ▲ $632K ▲ $61.982M ▲ $-12.525M ▲
Q3-2024 $-30.186M $-22.723M $33.61M $250.6K $11.344M $-24.242M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025
Product
Product
 $0 ▲$0 ▲$0 ▲
Service
Service
 $10.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement SES AI, the company underlying SES-WT, is still essentially pre-revenue, with no meaningful sales recorded over the last several years. Its income statement is dominated by research and development and operating expenses, leading to recurring losses each year. The loss levels have been relatively contained rather than exploding, but there is still a clear pattern of spending ahead of revenue in pursuit of commercialization. This is very typical of an early-stage, technology-focused company that is still proving and scaling its products rather than monetizing them. For the warrants (SES-WT), this means their value is tied to whether SES AI can eventually turn these ongoing losses into a profitable business once products reach market, not to current earnings strength.

Balance Sheet

Balance Sheet The balance sheet shows a company that has gradually built up its asset base and turned its shareholder equity from negative to positive over the last few years, which is a constructive shift. Cash makes up a meaningful part of total assets, and overall debt levels appear quite low, suggesting the company is not heavily leveraged at this stage. That said, the balance sheet is still that of a development-stage business: assets are modest in scale, and future funding needs will likely depend on how quickly SES AI can move from pilot and development work into commercial contracts and revenue. The improving equity position is a positive sign, but it rests on successful execution of the technology and partnerships, not on a mature, self-funding business model yet.

Cash Flow

Cash Flow Cash flow patterns are consistent with a company investing for the future rather than generating cash today. Operating cash flow has been steadily negative, reflecting ongoing research, testing, and development work without matching revenue inflows. Free cash flow is also negative but not severely so, helped by a relatively capital-light model that keeps large-scale factory spending limited for now. This suggests a manageable burn rate in the near term, but over the longer term SES AI will need either commercial revenues or additional financing to sustain and scale its plans. For holders of the warrants, the key risk is whether the company can bridge this gap from cash burn today to cash generation tomorrow within the lifespan of the warrants.

Competitive Edge

Competitive Edge SES AI is trying to carve out a differentiated spot in a crowded advanced-battery field. Its main edge is the combination of lithium-metal and lithium-ion battery expertise with an AI-driven materials discovery platform, which could shorten development cycles and tailor chemistries for specific customers. Strategic partnerships with major automakers add credibility and provide potential routes to commercialization, and the company’s choice to piggyback on existing lithium-ion manufacturing processes may make scaling more feasible than some more radical solid-state approaches. At the same time, competition is intense, with other well-funded players pursuing solid-state and next-generation batteries, and no one has yet fully proven long-term commercial dominance. SES AI’s competitive position is therefore promising but unproven, highly dependent on execution, partner follow-through, and real-world performance of its batteries at scale.

Innovation and R&D

Innovation and R&D Innovation is the clear centerpiece of SES AI’s story. The company’s “Molecular Universe” AI platform for discovering new materials and electrolytes, its hybrid lithium-metal batteries for electric vehicles and urban air mobility, and its new AI-enhanced cylindrical cells for robotics and drones all point to a deep R&D pipeline. On top of physical products, SES AI is also developing software-based offerings like safety and monitoring tools and commercializing its AI platform as a service, which could create higher-margin, recurring revenue streams if adoption grows. A sizable and expanding patent portfolio supports this innovation focus and may help protect its technology against fast followers. The main uncertainty is not whether SES AI is inventive, but how quickly and profitably it can turn this R&D engine into large, reliable, commercial-scale business lines.

Summary

Overall, SES AI, and by extension SES-WT, represents a classic early-stage, high-innovation, high-uncertainty profile. Financially, the company is pre-revenue, loss-making, and cash-flow negative, but with a balance sheet that is not overloaded with debt and a burn pattern that looks controlled rather than reckless. Strategically, it has notable strengths: a distinctive AI-first approach to materials, a hybrid lithium-metal design that aims to be more manufacturable than some solid-state rivals, multiple product families, and partnerships with major automakers and emerging markets like robotics and energy storage. The flip side is substantial execution risk: commercialization timelines, technical scale-up, regulatory and safety validation, partner commitments, and future funding all remain open questions. The warrants add another layer of leverage to these uncertainties, amplifying the potential impact—positive or negative—of how SES AI’s technology and business trajectory ultimately play out.